Kalshi Pings Between State, US Courts as CFTC Pushes Control (1)

Kalshi Inc. litigation bounded between state and federal courts this week as prediction market litigation heats up over whether its sports prediction wager offerings are contracts subject to the sole regulation of the federal agency in charge of derivatives markets.

On Thursday that agency—the US Commodity Futures Trading Commission—was granted the ability to participate in oral arguments as amicus curiae at the US Court of Appeals for the Ninth Circuit in April on its claim that states encroach on the government’s turf when attempting to regulate sports prediction markets, according to the docket. The CFTC requested participation on March ...